Carmel Bay Exploration Ltd. Announces Shareholder Approval

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Further to the previous announcement of Carmel Bay Exploration Ltd. ("Carmel Bay" or the "Company") on June 9, 2015 regarding Carmel Bay entering into an arrangement agreement with Black Swan Energy Ltd., Carmel Bay is pleased to announce that the requisite approval of shareholders of Carmel Bay has been obtained pursuant to a written resolution signed by 100% of the shareholders effective as of June 15, 2015. Carmel Bay now intends to seek final court approval at the Calgary Courts Centre at 2:00 p.m. on Thursday, June 18, 2015. In the event that final court approval is obtained, Carmel Bay intends to cancel the special meeting of shareholders (the "Meeting") tentatively scheduled to take place on June 30, 2015. Closing remains subject to the receipt of all required regulatory approvals and certain industry standard conditions.

Advisories

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws, including, but not limited to, statements relating to the date on which Carmel Bay intends to seek final court approval and the potential cancellation of the Meeting. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. The forward-looking information is based on certain key expectations and assumptions made by management, including expectations and assumptions concerning obtaining the necessary shareholder, court and regulatory approvals, and satisfaction of the other conditions to closing the Arrangement.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Carmel Bay can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Arrangement may not be completed on the anticipated time frames or at all.

These forward-looking statements are made as of the date of this press release and Carmel Bay disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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